Discussion: Statement of Cash Flows

Discussion: Statement of Cash Flows

1.We emphasize the income statement in this module. A third financial statement, the statement of cash flows, is also important.
The following videos provide a starting point.

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Xero. (n.d.) Statement of cash flows. [Video]. Vimeo. https://vimeo.com/148956229

Wall Street Survivor. (2013, January 12). What is a cash flow statement? [Video]. YouTube. https://www.youtube.com/watch?v=9DcRJD9rbbQ

Feel free to review the background material or Internet for additional resources.

  • How is the cash flow statement different from the income statement? What is its purpose?
  • If you had to prepare a personal financial statement, would it be an income statement or a cash flow statement? Explain your reasoning.

Discussion: External Audits

2.We have already learned in prior modules that financial statements are formal records covering the financial activities of an organization. The information is presented in a structured manner and according to standards promulgated by US GAAP in a structured format to make the data understandable and comparable over time. The financial statements are the responsibility of the management.

Start by reviewing the following videos:

Management Study Guide. (2020, November 11). What is auditing? [Video]. Vimeo. https://vimeo.com/478014877

Benefunder. (n.d.) Continuous auditing benefits our society [Video]. Vimeo. https://vimeo.com/143634659

KPMG US Careers. (2014, October 1). What is audit? [Video]. YouTube. https://www.youtube.com/watch?v=pkKO9ZNyOIc

Feel free to review the background material or Internet for additional resources.

  • How can investors and other third parties trust this information and why is trust so important for the company and our economy?
  • Comment on the auditing process.
  • The auditor has to issue an opinion at the end of an audit. It is an auditor’s report and is always part of a set of audited financial statements. (Note that many companies divide the annual report into segments on their website, but the opinion is always included in the full report.) You have to review a financial statement of choice for this module. What kind of information does the auditor’s report include?

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